it is 5:00 a.m. on wall street here is the top "five@5. axes swinging across corporate america again. esg pushback the latest deal. and crypto crisis. regulations hitting the bottom line. shares tanking as lyft follows uber. and how trash and trees are helping keep the lights and heat

on in new england. it is happening on this friday, february 10th. this is "worldwide exchange. good morning, good afternoon, good evening. welcome from wherever in the world you may be watching. happy friday i'm brian sullivan thank you for being with us. let's kickoff the hour with the check on your money after a mostly lower session from wall street on thursday we are seeing stock futures down, but just a touch on the dow. nasdaq down a bit more nasdaq futures down 92 points. dow afternoon 38 the dow is set to cap the second down week in a row s&p 500 is set to snap a two-week win streak with a more than 1% drop so far this week, things could change today and nasdaq is about to break a five-week win streak

keep in mind if we have a down week, the index is still nicely up so far on the year. in the bond market, yields are rising 10-year treasury at 3.7% we have a sharper move higher in oil this morning and news. russia saying it plans to cut its march oil production by 500,000 barrels a day. that is in protest to the recent price cap on refined products. remember, the new embargo on refined products went into effect on february 5th this is the oil price cap and this is a different one. the third of the row of sanctions and with that, the price of crude oil is $79.99 russia cuts march production we see where they go from there. a rough week for cryptocurrency. bitcoin below $22,000.

sharp declines yesterday names like coinbase, marathon digital and micro strategy all falling. we will get more on that story in just a moment for now, the show is called "worldwide exchange. let's get the action in europe julianna tatelbaum is back standing by in the london newsroom julianna, i want to say congratulations on the nuptials. >> brian, thank you. it was a fabulous honeymoon and wedding. i appreciate the congratulations. i just came back yesterday so much action to keep track of. we have european equities trading lower. 1% of losses for the dax adidas under performing this morning. i'll detail that in a second

ftse mib in italy down .30% ftse 100 is trading down .30%. let's dive into the single stocks with adidas they could lose at 1.2 billion euro with 500 million stemming from the failure to sell inconvventory of yeezy shoes the german sports wwear maker ct ties with kanye west and ditched his line what a share price reaction. adidas shares are down nearly 11% this morning barclays is under investigation over suspected failing in the anti-money laundering practices according to the financial times the uk regulator probed the lender last year investors taking the reports in

stride shares down .70% and in japan, kazuo ueda will be nominated as the next governor of the bank of japan. two others will be named as deputy governors this announce will happen on tuesday. ueda saiding no nothing is conf. we had a lot of movement in the do dollar/yen the yen is trading firmly around 1.31 ramifications with the yield curve moving forward and ueda thinks the policy currently in place is appropriate brian, back to you all right. julianna, great to have you back again, congratulations, my friend

maybe drinks on cnbc the next time we are in london. thank you and be congrats. >> thank you >> you're very welcome. let's get to the top money stories. unfortunately, more layoffs in corporate america. pippa stevens is in with that and more pippa. >> good morning, brian the axe is swinging across corporate america again. yahoo! will layoff 20% of the staff. 1,600 by year's end. starting with 1,000 cuts this week alone yahoo! which is majority owned by apollo global says the layoffs will streamline operations in the ad unit. and news corp is cutting 5% of its work force by the end of the year amid weakness in the t advertising unit. and adani hiring the firm to

fight back against claims from hindenberg research. it will cut the holdings of four adani companies. citi is dropped from the group set to cover the biggest muni bond deal in texas. the bank discriminates against the firearms industry. the texas natural gas finance corporation met last night and dropped citi from the $3.4 billion offering brian, the layoffs in corporate america are piling up here >> you wonder, pippa, if this is a tell on the economy or rather them over-hiring during the pandemic i guess only time will ell still, every day we come on and you come on and we talk about 10,000 here and 20,000 here.

it's tough pippa, see you in a few minutes. thank you. all right. when we come back on "worldwide exchange," we have a lot to do on this friday the push by the gambling industry to help make sure people do not get addicted to sports betting maybe the impact it could have on the bottom line. lyft shares down as it struggles to keep up with uber and more on the rash of tech and media layoffs as the ripple is turning into a wave we have a lot to do. it is 5:08 on fridayorng mni we'll see you back right after this ve in flagstaff, arizona. i'm an older student. i'm getting my doctorate in clinical psychology. i do a lot of hiking and kayaking. i needed something to help me gain clarity. so i was in the pharmacy and i saw a display of prevagen and i asked the pharmacist about it. i started taking prevagen and i noticed that i had more cognitive clarity. memory is better.

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welcome back the countdown to the super bowl is on. outside of the game, a lot of the focus is on how much people will bet on the game it will be a lot especially as more states legalize gambling. dr draftkings and fanduel are dealing with another issue addiction. contessa brewer has more >> reporter: brian, so much advertising leading up to the super bowl, but this is raising worries of gambling. they advertise the fun, thrill and excitement of placing a bet. matt knows it well he was 16 when he started betting on sports and quickly

got hooked on casino games >> it completely come dominatedy life it is frightening how quickly it takes over >> reporter: it grabs headlines and raises worries and piles pressure on the gambling industry >> our members adhere to a strict code with regard to ensuring the advertising and marketing goes to adults and then as it relates to problem gambling and responsible gaming mess messaging, it is a fact that there is never more attention paid or more money put into problem gambling issues. >> reporter: american companies could learn from europe where concerns over compulsive gambling got so intense, they cracked down how much they can advertise and offer for promotions and setting limits of

how much players can lose. it is taking a toll on the bottom line. >> we can look at the problem gambling issues and see how regulators responded to growth or stability in problem gambling rates. >> reporter: tools for responsible gambling are available from every legal sportsbook as an addict in recovery, matt is pushing the envelope further. >> this is software you can download on your devices and blocks access to gambling sites and apps it is difficult to remove. >> reporter: that is important because if a player self excludes from gamgamblgambling,t to make it easier to cross state lines to continue. they want customers for a lifetime and addiction enters into it and that won't happen. contessa brewer in phoenix

brian, back to you >> thank you catch contessa's interview with the fanduel ceo amy howe and then p jason robbins with draftkings that will be an event that some people bet on this weekend did i say go eagles? go eagles. on deck, the perhaps surprising app leading the downloads this week. corporate america lending a hand with turkey and chick-fil-a going plant based for the first time ever. what else, but the top trending stories and they are next. what if you were a global energy company? with operations in scotland,

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we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones well come back. first up is lyft shares are lower with the fourth quarter loss sales this quarter will miss analyst estimates by logging the highest number of riders in years. the ride share marketplace has improved with enough drivers to meet demand. that is leading to lower prices. lyft shares down this morning. expedia is lower with missing fourth quarter expec expectations travel was strong, but ran into bad weather last year. blame it on the weather.

management says trends have improved stock is down a little bit shares of yelp jumping stronger guidance for the year if it is less on restaurant reviews as yelp has gotten more business from home service providers like plumbers and landscapers. the stock on the rise this morning. let's get a check of the headlines and including another aftershock in what has been a devastating week in turkey phillip mena in new york >> brian, good morning another earthquake has hit turkey measuring 4.6 magnitude. families facing unspeakable grief. a new york city family of four amid the victims killed in turkey. jack smith subpoenaed mike

pence. and before the big game on sunday, the nfl honored the best players. patrick mahomes was named the league mvp earning 48 of 50 first place votes. the second time he has taken home the award. and kobe bryant's lakers jersey has sold for $5.8 million at sothby's. the second most expensive basketball jersey ever sold. that's it, brian back to you. >> mahomes is a great guy. i want to reiterate the phillip mena call. eagles 28 and kc 27. that was the call? >> you remembered it. >> kc covers? >> i think the eagles go out to

a big lead and mahomes tries to come back, but falls short >> you have a score and the game prediction if you turn out to be right, phillip, we will miss you. you will get a contract with nbc sports to $176 million a year. phillip mena, thank you. somewherejim cramer hasn't slept in four days go birds as we head to break, we are watching shares of micron cutting executive salaries by as much as 20% and suspending bonuses. trying to weather an industry wide slowdown. the ceo will see his salary cut by one fifth the executive vice president is getting a 15% cut. cr ss t moving on that news we're back after this. of an evo. using advanced sensors, ai and big data technologies rail vision is taking rail into the future, making it safer and more efficient,

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i screwed up. mhm. i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck.

will your money stage a friday rally and keep the win streak alive futures are lower. more companies sending people home without a paycheck as the layoffs rise. and the morning rbi and energy inflation may be getting worst pullback at the pump and renewables are not coming to save the day yet it is friday, february 10th

and this is "worldwide exchange." welcome or welcome back. good friday morning. 5:23 it will be almost 60 degrees in new jersey and new york today. it's february 10th it will be nearly 60 degrees wow. enjoy it by the way, this is random but interesting. texas has had more snow this year than new england. texas has had more snow than new england. if that is not an rbi, i don't know what is nobody cares let's get to the markets in the final trading day of the week. friday futures are lower a bit on the dow. more on the nasdaq nasdaq futures are down 113. i've said it before at this hour we show you futures because we

have to. volume is so light and that said, nasdaq futures down 114. dow down half that off 71. it was a down week for stocks. s&p 500 will snap a two-week win streak the nasdaq has been red hot looking to break its five-week win streak if we get a reversal, we could, but overall a down week. tech may be lower this week, but a few other sectors of the market have been red hot industrials. names we rarely talk about like borg warner. the name on the indy 500 trophy. ingersoll rand and parker hanneifin. we say insurance is boring you know what is not boring? making money ishares etf coming off another all-time high.

iak. i don't think i've ever referenced this etf ever iak is down right now, but it is up overall at the all-time high. access capital progressive. american equity. trading at our near all-time highs. some of these things we don't talk about heavy industrials, insurance, whatever they are soaring a very good last few minutes for the names. in the bond market, bonds are selling a bit. the 10-year treasury is at 3.69%. what else is up is oil we actually have news in oil this morning. russia saying it will cut its march production by 500,000 barrels a day. they claim it is in protest over western petroleum price caps and embargo on refined products.

russian deputy prime minister and energy minister alexander novak making a statement in the last hour. quote, the mechanism on russian oil and petroleum products is an intervention in market relations and extension of destruction of the collective west. whatever that means. did not consult opec about this move and russia is cutting production 500,000 barrels a day. that is 5% of the january output by the way, enough to move oil prices higher. oil right now is up 2.5% something to watch oil was higher a few weeks ago it is not like oil is soaring, but oil is up this morning certainly something to watch what else to watch the top headlines. let's go back to pippa stevens >> brian, coinbase shares are

sliding this morning after seeing the largest drop in six months on thursday this after exchange cracken was forced to stop the service and pay $30 million to settle the s.e.c. charges in response to the settlement, coinbase chief legal officer situation the stake is fundamentally different. stock down 2%. it is not just coinbase. shares of other crypto stocks with robinhood and marathon getting hit. paypal's ceo will step down. dan schulman became head in 2015 and will retire after the end of the year, but remain on the board. schulman came on this past summer, but he didn't experience any pressure from elliott group. this comes amid the fourth

quarter results which showed net revenue grew 7% year over year tesla is reversing course. now raising starting prices on its model y vehicles in china. tesla raising prices by under $300 the new move coming after the ev maker rolled out aggressive price cuts at the beginning of the year to fuel demand. brian, another day and another price change i can't keep up. >> well, you better keep up. pippa, you talk a lot about evs. we talked about the minerals yesterday. those prices are going up. you wonder if the price of the cars are going down, but minerals are going up. what happens to the margins? >> exactly this is how we think about it. all of the different directions. >> we just made the "worldwide exchange" x. pippa stevens, thank you we will trademark the x.

pippa, thank you meantime in a more serious note layoffs in technology and media continue to accelerate yahoo! is laying offer as well as news corp cutting 5% of the global work force and yahoo! with 20% of staff cuts all of this similar announcements from affirm, dell, e-bay, zoom and we talked about yesterday with 7,000 people losing their jobs at disney. many say this is a ripple, not a wave, isolated to specific sectors. with nearly 20,000 jobs this week cut alone, is a tide turning in the wrong way let's talk about this with stephanie mehta and dana

peterson dana, is this more of a tell on the economy or more of a tell of companies that over-hired during the pandemic >> i think it is the latter. certainly these layoffs we're hearing are from the pandemic darling tech and real estate and retail and warehousing most of the economy is still doing well we are still seeing job gains, especially among the industries that are providing services that are in high demand right now >> you know, stephanie, i love my job, but the worst part about the job is when i have to go on tv and tell people that a stock is up because thousands of people have to go home without a paycheck i hate it. i hate when stocks rise on layoff news. it is happening. you wonder if cfos are seeing this and saying, oh, you know,

maybe we're a little heavy on the head count if we lay people off, the stock could go up. a bizarre incentive. >> absolutely, brian i'm with dana on this being more of a ripple than a wave. if you look at the companies that are cutting back, they are in the sectors that boomed during the pandemic. you know, i'm optimistic that this is somewhat limited if you look at the layoffs, they fall into the 5% to 7% of head count category that is a specific number. it seems to suggest that technology ceos are trying to gauge just how much they can layoff while still satisfying wall street without hurting their core business or alienating employees they don't like to make the announcements of layoffs either.

>> dan a yoa, you know we say t. this company and that company. there are human beings behind the layoffs. they put it in the corporate speak. families go home and say i lost my job today that has to be tough if there was a positive news on that side, it does appear, for now, dana, that the layoffs are really kind of focused on tech we just talked about -- maybe you have and correct me if i'm wrong -- i have not seen a lot of layoff announcements from non-tech have you >> no, we haven't. we are still seeing big labor shortages in the industry such as hotels and restaurants and air travel and commercial air travel and arts and entertainment. those areas have yet to fully pull back all of the people that were let go during the pandemic. they are still hiring robustly

that's the good news netting out that and you see strong gains in construction that is because you have a lot of homes that need to be finished and we are starting to see federal and state and local infrastructure projects go to the build stage. >> yeah. you know, stephanie, we had the pandemic trends. we saw the dramatic shift of power. it went from bosses and management to employees and bosses were like now you have to come back to the office. the employee said, sorry, i moved to boise i'm not coming back to silicon valley some of this may be, okay, you don't want to come back to the office and you will lose your job. it feels like a flex or power play by management to re-balance who is in charge

>> yeah. i would not say it is exact ly a one-to-one equation of if you don't want rccome back, see you later. is there an effort by management to re-balance the equation workers certainly and justifiably have seen the pendulum swing back in their favor a little bit some of the conversation may be management teams trying to wrangle back some of that control. >> dana, you guys do your own ceo surveys. you go out and talk to them and ask them questions and they answer what are they saying what is your survey saying behind what we are seeing? >> well, it is interesting our ceo confidence survey of the u.s. campuses the business council for the last month it basically indicated there is

still pessimism among executives they still think there is a recession in the u.s they are still holding on to labor. most are not doing anything with the labor forces and many still hiring 19% of ceos are actually cutting workers. the interesting thing is they are still looking to raise wages as a way to both retain talent and attract talent on the other hand, in terms of them saying they are experiencing difficulty finding qualified workers, that is coming off a little bit. indeed in our surveys of executives that was published two weeks ago, there is still a focus on corporate culture that's probably why many businesses are trying to bring workers back into the labor market, but back to the office so they can enhance the corporate culture for growth

>> that's it step stephanie, i know people don't like it. they don't want to be on new jersey transit or long island railroad or the b.a.r.t. companies want people back in the office there was a reason people were in the office before it is not like computers and work from home are new anybody remember marissa mayer calling everybody backinto the office 15 years ago? you are always on the cutting edge of thinking are we 100% back to the office or will employers have to make concessions? say, mr. vsullivan, you can work from home two days a week. where is this going? >> i do feel like employers have to make concessions. it will be industry-by-industry basis. what dana was saying employers needing to find qualified workers. if you are in a situation where

you need people and you need people with a specific skill set, i know in our organization, we have been more willing to hire people who aren't in the new york area because we have seen you are able to draw from the wider pool of employees if you are willing to hire premote i don't think that is going away i think for certain industries with a certain talent and you cannot find them in your back yard, you will hire remote as a result, you cannot have one set of policies for your new high-quality hires and have a different set of policies for employees in the headquarters area i do think hybrid is here to stay. >> stephanie mehta and dana st. petersburg -- dana peterson, thank you. happy friday >> thanks, brian >> i know the difference with the office job and corporate job. help wanted signs everywhere on

the labor side bizarre job market right now. coming up, the morning rbi and maybe some eh concerning signs around renewablerenewables why they are really far from transforming in new england. as we head to break, some top trending stories amazon, ikea and chobani sending aid to victims in turkey and syria. amazon will donate $500,000 to groups including save the children and unicef microsoft's bing app rocketing to the top of the app store one day after microsoft announced integration of the chatgpt into the browser. bing now ranked as the tenth most downloaded app. thank you, ai.

get this, chick-fil-a with the newest sandwich is going on full on cauliflower. testing the first plant-based item in denver on monday chick f-fil-a has been working n the plant-based sandwich for four years we're back right after this.

rail vision is at the forefront of an evolution in train safety. using advanced sensors, ai and big data technologies rail vision is taking rail into the future, making it safer and more efficient, reducing railway accidents and downtime saving lives and money. billions of dollars are expected to be invested in rail safety in the coming years. rail vision has the solution today. learn more at rvsvinfo.com. rail vision is at the forefront

welcome back time for the morning rbi actually, nasdaq winners and losers this week shame on me. i knew that. car. truck maker. paccar and fiserv. and the electric carmaker lucid was the hottest stock this year. the worst performer this week. some reports of owners, $150,000 electric cars having issues opening doors. lucid stock down 11% alphabet and intel and paypal and sirius xm are the laggards this week. now back to the rbi. today's rbi is close to my head and heart and what i talk about all the time for scnbc

energy the two realities of energy today that do not get a lot of attention elsewhere. number one, energy inflation is getting worse, not better, despite the small drop of gas prices number two, what you may hear from politicians about electricity and energy is, shall we say, maybe not always exactly accurate to be fair. first, let's talk about costs. focus on our favorite electricity to look at in new england. that is important, but also to credit them, a great job of breaking down the data thank you to the new england independent systems operator first up is costs. viewers and listeners in boston and new england, we know how you got shocked, sorry, by your power bills recently new england grid operator from december of 2021 to last year,

wholesale electricity costs doubled 104% year over year. natural gas prices were high in november and the recent drops here and maybe some electric prices may come down soon. we will see. now to how you get your electricity and you probably know there are many ways to make power. we hear about renewables like wind and solar, you think these are major players ready to take over we're on the edge of the energy -- it is about ready to happen wind and solar are cool. they are the future most likely in many ways, but they're not even close just want to show this here is how your electricity was made last year in new england. it was nearly all fossil fuels or nuclear last year, your power in new england was 52% natural gas.

26% nuclear, which a lot of people are still trying to get rid of wind was 4%. solar was 3% trash, what they call burning garbage was also 3%. wood, 2% oil, 2%. i want you to consider that. in the 21st century. 2023 trash and trees generated as much electrical power as wind and solar in new england it is hard to believe, but it's true kind of the sad reality of the situation. despite what you may hear and what was on display yesterday in a big way -- get this, on thursday, the number one renewable, because they break it out as renewable the number one renewable source of electricity generation from

connecticut to maine was garbage. burning trash was 36% of renewable power production yesterday afternoon. that was only -- renewable is only 5% of total power generation a lot of numbers it's early even i'm not sure what i'm talking about. the bottom line is this, trash, burning garbage, bwas 1.8% of al electricity production in new england yesterday afternoon. wind, which you probably hear about all the time was 0.8% of your electricity in places like boston and bangor and concord and all these other cities the bottom line is we know renewables will keep growing as a percentage of power production we know that unless you call trash and trees renewable, trees are renewable, it takes a while

the reality of the situation is far, far different right now than the political talking points you hear so often particularly in new england. random and real and hopefully interesting. as we head to break, during february, we are celebrating black heritage with some of the cnbc teammates and contributors and leaders. here is the cnbc director of control room operations. horace >> what i'm really proud of is how jamaican folks persevere we know how to survive we take the small amount of things we have and we make really big things out of them. working for cnbc has been great. it provides so much for me and being a director now and grown up in the country and company and i've been able to have what

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welcome back good friday morning. time for the "wex wrap-up. chinese semiconductor manufacturers warning of a dim year despite the demand for consumer electronics weakening. and citigroup is being dropped over the muni bond deal over the gun policy. citi discriminates against the firearms industry. barring the bank

shares of dai nippon printing shares surge on the record share buyback news. and lyft shares crushed 20% after weak revenue growth with the adverse weather and surge in pricing. and adani hiring a law firm to fight the claims by hindenberg research. and adidas could lose $1 billion this year if it fails to sell the inventory of yeezy shoes after terminating the deal. with all of that, let's dive in the trading day ahead and find opportunity on this friday with our friend keith lerner and

melissa brown. keith, i want to start with you. as you know, and i often lift your stuff for my rbi. imitation is the greatest form of flattery. you have great points. you noted and we did this earlier this week. my brain is getting old. this year, this january was basically the exact opposite of last january stocks fell. rose bond yields one way. everything was flipped what does that mean for the rest of the year? to you >> brian, great to be with you i'm happy you are using our work thank you so much for highlighting it. you are right. we peaked the first week of january. we had interest rates that started to move higher the dow moved higher growth stock were down a lot as you mentioned, it is the

opposite and the question is upward and onward. our answer is unlikely earlier this week, we used the opportunity to raise cash. you look at short-term interest rates and we are above 4%. with the market right now and our view is pricing in a lot of the news and not margin for error. the debate, brian, about recession and if you had a soft landing and trading at 18 multiple today and forward earnings estimates stay where they are with down side, the up side is capped 2% before the pandemic, the highest multiple was the s&p and that was 18 rates are higher now the question is why do we pay above market premium with the macro uncertainty?

>> yeah. you know what, melissa, i wonder what happened. the calendar flipped and whatever the investors said whatever was terrible last year, i'll start buying. i like to think we're smart on this side of the camera. i have no reason why why people started buying the be beaten up names. do you >> i don't have a good answer for that we have seen it going up on low trading volumes. much lower than it was for much of last year for all of last year, actually you know, i think it is the marginal player driving the stock prices up. i think what that means is that there's not that general support p of the whole market that is saying, yeah, we have seen fundamentals change. we see something great out there. it is a few people.

>> yeah. melissa, should we be a little nervous right now? it just feels weird out there. >> yes i think by nature you have a year ago, you wouldn't get anything now we also had the spector of inflation and global dislocation and all sorts of things that make it a little worrisome >> keith, i'll give you the final word and rbi you noted on october 13th which was the peak high of inflation for the data same day the stock market made

its high bringing the heat on the data. does that mean stocks are directly tied inversely to inflation? >> exactly the day it made the low. the biggest bull case, brian, you made the low on the bad news last october on the generation high print of inflation. you had a move of technical levels we are skeptical because of the macro and fundamentals brian, we talked about it. we did a study the 50 worst stocks in the market last year were up in january over 40% every single one of the stocks were up. the liquidity in oversold conditions we don't think this is sustainable with the macro back drop we have liquidity we're still sitting on >> not sustainable not the bullish of calls keith and melissa, i appreciate it have a good friday and great super bowl weekend

thank you for joining us for listening or watching. we will see you on monday. go ele quk x"s xtags. t ofution in train safety. using advanced sensors, ai and big data technologies rail vision is taking rail into the future, making it safer and more efficient, reducing railway accidents and downtime saving lives and money. billions of dollars are expected to be invested in rail safety in the coming years. rail vision has the solution today. learn more at rvsvinfo.com. rail vision is at the forefront

good morning stock futures are slightly lower with the nasdaq on pace to break a five-week winning streak not looking good today, the nasdaq, that is. we will show you what is moving. adidas shares in germany

taking a hit up to $1.3 billion if it is unable to sell the inventory of yeezy products. ye i don't know i don't care lyft shares plummeting after the company forecast fell short. you have to think uber is winning. how else do you read it? >> no other way. >> it is friday, february 10th, 2023 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live at the nasdaq market site in times square i'm rebecca quick along with joe kernen and andrew ross sorkin.